Cushman & Wakefield | Cornerstone has winning team

Dec. 10, 2013

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The Tennessean

Cornerstone Commercial Real Estate Services of Tennessee LLC: The winning proposal included an office tower with up to 28 floors and between 480,000 and 840,000 square feet of space; about 50,000 square feet for the National Museum of African American Music; 244,000 square feet of space for retail, entertainment, dining and activities; and a parking structure with 1,800 spaces. / Gresham Smith and Partners

Trammell Crow: A 22-level Class A office tower with 600,000 square feet of space, with a main entrance featuring an atrium gallery extending from Broadway to the main lobby. The proposal also included 30,000 square feet of retail/entertainment space, and 60,000 square feet of retail/exhibition space. / Submitted by Trammell Crow

Rubicon Equities: This proposal included about 350,000 rentable square feet of retail space, about 400 to 450 residential units, up to 500,000 square feet of office space in a 28-story tower, a 400-to-450-room full-service hotel, a sky deck with 50,000 square feet of outdoor space, and 1,400 parking spaces. / Submitted by Rubicon Equities

Hart-Reed LLC and Chartwell Hospitality LLC: This team proposed 5th & Broad Crossing, a project with 168,500 square feet of retail space, 250 apartment units, a 150-to-200-room hotel and a 1,051-space parking garage. It had 45,000 square feet of space designed to the House of Blues' specifications and 28,000 square feet of space for the National Museum of African American Music. / Submitted by Hart-Reed LLC

REI Real Estate Services of Indianapolis: This design included a five-story mixed-use building with two levels of commercial and museum space over three levels of residential units, and 26,000 square feet of retail space. It also included a hotel tower with a two-story lobby, restaurant and conference spaces on the lower levels before rising 13 stories for the 300-key hotel. / Submitted by REI Real Estate

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Five different teams bid for the opportunity to redevelop the old Nashville Convention Center, but the winning team formed by Cushman & Wakefield | Cornerstone and led by developer Pat Emery scored the highest or tied for the highest in all five categories used to determine the winner, according to a scoring tally obtained from city procurement officials.

The evaluation criteria and maximum percentage available for each category were:

The request for qualifications were scored by consensus among the evaluation committee members. That winning proposal scored 91 overall. Runner-up Trammell Crow received a score of 81. Rubicon Equities and Hart-Reed LLC tied for third by each scoring 80. REI received the lowest total score of 70.

The next step involves working out a long-term arrangement with the winning team.

Here’s a summary of project concepts proposed by each contender for the role of master developer team.

1. Cornerstone Commercial Real Estate Services of Tennessee LLC with developer Pat Emery as master developer submitted the winning proposal. Their proposal included an office tower with up to 28 floors and 480,000 to 840,000 square feet; about 50,000 square feet for the National Museum of African American Music; 244,000 square feet of space for retail, entertainment, dining and activities including a 69,000-square-foot conference center; and a parking structure with 1,800 spaces. That winning proposal scored 91 overall.

2. Trammell Crow’s proposal included a 22-level Class A office tower with 600,000 gross square feet of space with the main entrance featuring an atrium gallery extending from Broadway to the main lobby beneath the tower that the developer believes the House of Blues has interest in. Its proposal also included 30,000 gross square feet of retail/entertainment space, and 60,000 gross square feet of retail/exhibition space. The multi-level retail/exhibition space for the National Museum of African American Music extends from the main entrance to the office tower toward the west end of Broadway. Structured parking is integrated into all of the components. It received a total score of 81.

3. Rubicon Equities’ proposal included about 350,000 rentable square feet of retail space, about 400–450 residential units consisting of studio, one bedroom and two bedroom apartments, about 450,000–to-500,000 rentable square feet of office space at a 28-story tower, a 400–450 rooms full service hotel, a sky desk with 50,000 square feet of outdoor space on the 6th floor of the project; and 1,400 parking spaces. The design also includes 40,000 square feet dedicated to the National Museum of African American Music. Rubicon’s proposal scored 80 overall.

4. Hart-Reed LLC and Chartwell Hospitality LLC proposed 5th & Broad Crossing, a project with 168,500 square feet of retail space, apartment buildings with 250 units, a 150-to-200 room hotel and a 1,051 space parking garage with no office component. The design also incorporated 45,000 square feet of space designed to the House of Blues’ specifications and reserved 28,000 square feet of space for the proposed National Museum of African American Music. The proposal received a total score of 80.

5. The proposal from REI Real Estate Services of Indianapolis included a five-story mixed-use building with two levels of commercial and museum spaces over three levels of residential units, and 26,000 square feet of retail space. It also included a hotel tower with a two-story lobby, restaurant and conference spaces on the lower levels before rising 13 stories for the 300-key hotel. Another building planned called for more than 18,000 square feet of retail with 46,000 square feet of museum space below and topped by an outdoor amenity space for residents of the 300 residential units planned at the development and a 4,200 square feet sky-farm that may be used by residents and surrounding restaurants. At the back of the site is a 600-space parking structure that extended down to the existing convention center exhibition hall floor. The proposal received a total score of 70.